📰 Press Release: UK Islamic Fintech Kestrl joins Techstars London’s 2022 Cohort
21 Nov 2022
Techstars London has admitted Kestrl, a UK-based Islamic Fintech offering personal finance solutions to Muslims, onto its 2022 accelerator programme alongside 11 other high-growth potential start-ups.
Alongside investment into the start-up, Techstars will be providing one-to-one mentorship from former founders and seasoned investors in order to help Kestrl to aggressively scale, acquire new clients and prepare for upcoming funding rounds.
Founded in 2019 by two Cambridge graduates, Kestrl branded itself ‘The Muslim Money App’, promising to help its users grow their wealth without compromising their religious beliefs. It does this with its UK consumer app enabling Muslims to Budget, Save and Invest with confidence, as well as a Software Service offered to Islamic Banks looking to digitally transform.
One of the world’s leading accelerator programmes, Techstars has invested into more than 3,300 companies worldwide that today have a combined valuation of $75bn USD. London is Techstars’ third largest base globally, part of a larger network that includes 50 programmes around the world.
The accelerator received more than 1,000 applicants for the programme and conducted over 400 interviews ahead of selecting the final group for 12 coveted spots. Known for setting aggressive milestones, Techstars hopes Kestrl will capitalise on its recent success in Malaysia, white labelling its app to ‘Bank Islam Malaysia’ and help other Islamic Banks in the region to digitally transform. Read more here.
Saalim Chowdhury, Managing Director, Techstars London: “Islamic finance is such a big market and is waiting for real innovation, which the Kestrl team out deliver on. Their product is on a par with anything in any financial market, and the team are some of the most understanding of their customers I’ve met.”
Areeb Siddiqui, Chief Executive Officer, Kestrl said: “We are delighted to have received validation from one of the most prestigious accelerators in the world through their investment and mentorship. Together we look forward to taking Kestrl to new heights and ultimately changing the lives of millions of Muslims around the world for the better.”
About Kestrl Ltd Kestrl is a fast-growing UK based Islamic Fintech that promises to help Muslims grow their wealth without compromising their beliefs. Dubbed “The Muslim Money App”, Kestrl’s tool helps its users achieve their goals, applying machine-learning to their banking data to build monthly budgets, automatic-savings, and personalised investment suggestions. Offered both as a retail-app, as well as a software-solution for Banks looking to digitise, Kestrl has acquired thousands of users across the UK and Middle East, and hopes to offer its Software to more Banks across South East Asia that align with their Shariah values. For more information, visit https://kestrl.io/